Delta Regional Authority, local partners invest more than $3.7 million into Arkansas economy

Chairman Masingill: “Strategic federal investments into the physical infrastructure of Delta communities are necessary to create economic opportunity for the hard-working people of Arkansas.”

ARKANSAS DELTA – The Delta Regional Authority and its state and local partners are investing more than $3.7 million in federal and local resources aimed at Delta small business owners, entrepreneurs, families, and communities and designed to grow the region’s economy and create jobs, Delta Regional Authority Federal Co-Chairman Chris Masingill and local partners announced today.

The seven new investments, from building and repairing roadways and sewer systems to hospital upgrades, leverage approximately $1.4 million in federal resources into more than $3.7 million in total public and private investment for the Delta region, its people, and its future. These investments are expected to help create and retain 1,050 jobs for local residents.

State

# of

Projects

DRA

Resources

Leveraged

Funds

Total

Investment

Arkansas

8

$1,393,247

$2,345,826

$3,739,073

The awards are provided through the DRA States’ Economic Development Assistance Program, the agency’s main federal funding program that invests in basic public infrastructure, transportation infrastructure, workforce development, and business development and entrepreneurship projects in the 252 counties and parishes of the eight-state Delta region. DRA coordinates directly with Arkansas’s local development districts in the region for program funding implementation.

“In this time of extreme competition for jobs and business attraction, these strategic federal investments into the physical infrastructure of Delta communities are necessary to create economic opportunity for the hard-working people of Arkansas and the greater Delta region,” Chairman Masingill said.

“If we want to grow our state’s economy, then we must invest in our infrastructure,” U.S. Senator Mark Pryor said. “The critical upgrades announced today by the Delta Regional Authority will help bring new jobs, businesses, and a better quality of life to Arkansas families.”

“We need the infrastructure, tools and equipment necessary to provide a foundation for future progress, development and job creation. This is a great investment in our state that will help empower rural Arkansas communities and businesses,” U.S. Senator John Boozman said.

SPECIFIC INVESTMENT PROJECTS

1. Airport hangar construction, Stuttgart (AR-1): Installation of a new hangar at Stuttgart Municipal Airport to support expansion of airplane parts recycling industry. DRA Investment: $200,000; Leveraged Public Investment: $2,850,000; Total Project Cost: $3,050,000 (20 jobs to be created and 20 jobs to be retained).

3. Big River Steel Water & Sewer Improvements, Osceola (AR-1): Extension of water and sewer utilities to the future site of Big River Steel Plant and the extension of water lines to an undeveloped location. DRA Investment: $256,500; Leveraged Public Investment: $608,576; Total Project Cost: $865,076 (600 jobs to be created).

4. Stone County Roof Replacement Project, Mountain View (AR-1): Replacement of the roof on a county-owned building which houses Excel Boats. DRA Investment: $87,875; Leveraged Public Investment: $9,250; Total Project Cost: $97,125.00 (5 jobs to be created and 36 jobs to be retained).

6. Addison Shoe Company Equipment Modernization, Wynne (AR-1): Purchase of equipment for expansion and modernization of facility. DRA Investment: $177,720; Leveraged Public Investment: $453,000; Private Investment: $150,000; Total Project Cost: $630,720 (15 jobs to be created and 150 jobs to be retained).

7. Clay County Road Upgrade, Corning (AR-1): Upgrade and paving of county road to be utilized by PECO Foods. DRA Investment: $256,500; Leveraged Public Investment: $1,000,000; Total Project Cost: $1,256,500 (39 jobs to be created and 1 job to be retained).

The Delta Regional Authority is a federal-state partnership that is congressionally mandated to help create jobs, build communities, and improve lives through strategic investments in economic development in the 252 counties and parishes of the Delta region. The investments come through the DRA’s States Economic Development Assistance Program. Through the past twelve project cycles, the DRA has created and retained more than 17,000 jobs with 24,500 more projected. These investments have leveraged $2.7 billion in other public and private investment with DRA projects that are helping to train 26,000 for a 21st century workforce and have provided more than 25,000 families access to clean water and sewer services.